Dunk Island back on the market after deal falls through
An idyllic tropical paradise is back on the market after a bold plan to return the cyclone-ravaged island to its former glory as part of an incredible $1.5 billion tourism plan was torpedoed.
QLD Business
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Queensland’s idyllic Dunk Island been put back on the market after bold plans to return the island to its former glory were torpedoed.
Dunk Island, a sprawling 135-hectare paradise located off Mission Beach near Cairns, was promoted as the centrepiece of a $1.5bn tourism mecca by investment fund Mayfair 101.
However the company’s failure to complete the $31m island purchase sent the cyclone-ravaged island back into the hands of its former owner, Brisbane’s Bond family, of Linc Energy fame.
The Bond family put the island back on the market on Wednesday, with JLL Hotels & Hospitality Group chosen to market the island.
Dunk Island comprises 135 hectares of freehold developable land along with a mainland power connection, supporting utility infrastructure and a commercial grade airstrip.
It was once owned by Qantas and P&O Cruises.
The former Dunk Island Resort operated as a four-and-a-half star family resort featuring 160 guest rooms, a 9-hole golf course, multiple food and beverage outlets, tennis courts and a day spa.
Peter Bond bought the Cyclone Yasi ravaged island off Mission Beach in 2011 for $7.2m.
He kept the resort for personal use and through his family company started the task of returning it to its former glory.
The agents have not given up on hopes of restoring the island resort to its former glory — albeit in different hands.
“Dunk Island provides the perfect opportunity to deliver an all-encompassing holiday destination akin to the enormously successful Hamilton Island, ideal for establishing a wide range of accommodation offerings, leisure activities and a self-sufficient ecosystem,” JLL’s Nick Roche told The Australian.
Mayfair 101 founder James Mawhinney previously claimed a rescue plan was in the works, but losing control of the major assets makes his plans less likely to succeed.
The corporate regulator is trying to wind up Mayfair’s M101 Nominees unit which backed the firm’s tourism plans.
Mr Mawhinney vowed on Wednesday night to continue his plans to redevelop Dunk Island.
He said the Bond family, as the mortgagee in possession, were always entitled to follow through with the sales process.
“(But) It does not change our strategy which was to refinance it out so we can continue with our new plans for Dunk Island,” he said.
